Extra-Ordinary General Meeting held on February 28, 2025

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• Good morning everyone. I, Priyanka


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• Sharma, Company Secretary, welcome you


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• all to this extraordinary general meeting


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• of your company being held on February


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• 28, 2025


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• at 11:35 AM


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• through video conferencing and other


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• audio-visual means. as you are aware


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• that this meeting is being held through


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• electronic means in accordance with MCA


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• circulars issued by the Ministry of


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• Corporate Affairs from time to time.


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• At the outset, I would like to introduce


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• you all to the directors who are present


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• for the meeting. Shri Rahul Bhave,


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• Deputy Managing Director, Shri


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• Umesh Kumar Garg, Independent Director


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• and Chairman, Audit Committee and


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• Nomination and Remuneration Committee


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• Shri Arvind Kumar Jain, Chairman,


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• Stakeholders Relationship Committee,


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• Prof. N. Balakrishnan, Director,


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• Shri Surendra Behera, Director.


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• Shri Prasoon, Executive Director, IFCI


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• and Shri Sachikanta Mishra, Executive


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• Director, IFCI, are also present here.


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• Further, Shri Subhash Chandra Mann, Partner,


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• M/s. S. Mann & Company, Chartered


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• Accountants, the Statutory Auditor, and


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• Sri Devesh Kumar Vasisht, Practicing


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• Company Secretary from DPV and Associates


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• Scrutinizer, are also present for the


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• meeting. In terms of the article


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• association of the company, the directors


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• present have unanimously elected Shri


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• Rahul Bhave, DMD to chair this meeting.


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• I would now request Chairman to start the


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• meeting. Sir. Good morning, ladies and


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• gentlemen. I welcome you all to this


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• extraordinary general meeting of your


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• company. I request Company Secretary to


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• please confirm presence of quorum. Sir,


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• the quorum is present, sir. Thank you.


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• Since the quorum is present, I declare


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• the meeting open. I would also like to


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• welcome all members, directors, auditors,


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• scrutinizers, representative of


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• Government of India, and all other


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• stakeholders who are attending this


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• meeting. Shri Jitendra Asati and Shri


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• Surjith Karthikeyan, both government


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• directors and Professor Arvind Sahay,


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• director, could not attend this meeting


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• due to some exigencies. All documents


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• referred to in the notice Calling the


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• meeting and explanatory statement are


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• available for inspection through


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• electronic means and will remain open


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• till the conclusion of this meeting. The


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• notice dated January 29, 2025, calling


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• the extraordinary general meeting had


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• already been sent through e-mail to the


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• members in line with MCA circulars. The


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• notice has been made available on the


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• website of the company, the stock


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• exchanges, that is National Stock


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• Exchange of India Limited and BSE


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• Limited, and Central Depository Services


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• India Limited, being e-voting service


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• provider. With your permission, I shall


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• take it as read. The certificate of the


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• practicing Company Secretary certifying


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• that the proposed preferential issue is


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• being made in accordance with the


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• requirements of the SEBI Issue of Capital


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• and Disclosure Requirements Regulation


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• 2018 is available on the website of the


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• company. The members are informed that


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• the voting is open and shall remain open


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• for 15 minutes after the conclusion of


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• the meeting. Hence, members who have not


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• cast their vote through remote e-voting


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• can cast their vote electronically by


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• following the instructions provided in


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• the notice. In view of the


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• provisions of the Companies Act 2013 and


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• SEBI LODR Regulations 2015, remote


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• e-voting was made available. The remote


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• e-voting was concluded on Thursday,


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• February 27, 2025 at 05:00 P.M.


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• Further, in line with the provisions of


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• the Companies Act, Secretarial Standard on


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• the General Meeting and MCA Circular, the


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• facility of e-voting during the


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• concurrence of meeting is also available


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• to eligible members. Members are


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• requested to follow the instructions


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• provided in the notice. Before


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• considering the business, I would like to


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• take this on record that all efforts


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• feasible under the present circumstances


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• have indeed been made by your company to


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• enable members to participate and vote on


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• the items being considered in this


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• meeting. Now, we shall proceed with the


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• agenda listed in the notice. Item number


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• one, to approve issue of equity shares


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• aggregating up to Rs. 500 crore by way of


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• preferential allotment to Government of


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• India and to authorize the Board to


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• create, issue and allot the equity shares


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• to Government of India and to take all


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• other steps as may be necessary for and


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• in connection with the above-mentioned


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• allotment. As per the provisions of


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• Companies Act 2013 and SEBI issue of


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• Capital and Disclosure Requirements


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• Regulations 2018, the company is required


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• to obtain prior approval of the


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• shareholders by way of a special


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• resolution for issues of share on


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• preferential basis to Government of


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• India. The proposed resolution would


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• improve the liquidity position of the


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• company by servicing its debt


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• obligations. The matter is put to the


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• members for approval as special


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• resolution. Now I invite any query or


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• clarification on the agenda item required


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• by the member. Thank you so much, sir.


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• As some of the shareholders have


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• registered themselves as speaker for the


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• meeting, hence I would request them to


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• speak one by one once invited to speak.


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• We would now like to invite Srimati


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• Swaran Lata.


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• Hello, am I audible? Yes, sir,


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• you're audible, sir. Thank you,


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• ma'am. I'm joining this


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• my mother. She is a senior citizen, and I


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• think she is also the super senior


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• citizen around 90 years. So


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• I'm joining this meeting from Delhi


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• I would like to just ask one question


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• that we are going to issue


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• preferential issues to the


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• Government of India at the rate of


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• around 62,000 and


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• at present its price is going around


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• trading around 42 rupees


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• so we have a surplus money


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• which we will get from the Government of


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• India, So how would we use this


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• money for the beneficial of the


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• company and as well as to the small


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• shareholders like me? So can you


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• elaborate about this agenda? Thank you,


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• and thank you to the Madam and Secretarial


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• team for sharing my views in front of


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• you. Thank you, sir. Thank you so much,


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• sir. Thank you. We'll take all questions.


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• So we'll be taking all the questions and


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• answering them accordingly at the last.


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• So I would now like to request Shri


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• Ajay Kumar Jain to please join.


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• Okay, he's not there. We would


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• now like to request Shri Santosh Kumar


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• Saraf. Currently he is also not


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• available. Okay. Mr. Santosh is also


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• not there. Shri Manoj Kumar Gupta.


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• Hello. Yes, sir. Good morning. Good


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• morning, sir. We can hear you, sir. Good


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• morning. Good morning, respected chairman.


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• Sir, your voice is breaking. It is.


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• Sir, we can't hear you properly. If you


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• can just...


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• Hello? Can you hear me? Sir, if you can


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• just close the video, because I think


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• the voice and video is not coming. So


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• yeah, yeah, yeah. Now we can see you, sir.


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• Hello. Good morning,


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• respected chairman, board of directors,


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• fellow shareholders. My name is Manoj


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• Gupta. Today


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• I'm in Delhi and all credit both to our


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• visionary and Prime Minister that who has


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• insist and who has inspired the peoples


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• to use the digital, all


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• digital platforms, so his vision for


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• digital is success. So I thanks to our


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• beloved Prime Minister due to the


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• digitalization I can join the meeting


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• today from Delhi. And first I


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• strongly support this resolution and when


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• do you expect that when the entire money


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• will come in the company? And what's your


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• future plan with that money? How you will


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• utilize that money, sir? In the interest


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• of employees and the interest of these


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• small shareholders, I am the shareholder


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• from IPO. So when the, how you


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• will utilize that money? And what's your


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• plan for the IFCI in future?


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• Have you any plan, have any


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• government plan to turn the IFCI into a


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• bank? IFCI bank?


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• And what will be the role of IDBI? Because


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• earlier our principal shareholder was


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• IDBI. So what will be the


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• role of IDBI? And we expect that


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• after gorgeous money, we will get good


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• return in the stock market and we will


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• get a good return from the company. And


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• I believe that you will continue


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• with the name of IFCI and I believe that


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• government will take a decision


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• to change the business of the


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• IFCI and turn IFCI into a bank.


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• And I thank the company secretary and


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• team for helping us to join this meeting


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• through VC. And we believe that


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• we will get good return. Thank you. Thank


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• you so much, sir. Thank you.


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• So both questions are almost common.


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• So I will reply to both in the common


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• form. The question was that how this


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• money will be utilized and what you see


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• as the future of IFCI in terms of


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• business. So as already I informed that


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• this will not only improve the liquidity,


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• but we have got certain debt obligations.


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• So in the both forms, it will be utilized


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• so that our liquidity gets eased out and


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• there is no stress. This is one of the


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• benefits for this kind of infusion.


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• Another part which was asked was what is


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• the future plan? So as you are aware,


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• our parent ministry, DFS, has already


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• asked us to explore the option of group


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• consolidation. So we are moving ahead in


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• that direction. We are taking steps


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• wherein we will be exploring what could


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• be the business synergies and what could


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• be the future business scenarios for the


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• group as a whole and the entities which


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• have been envisaged in terms of


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• consolidation. And we are pretty


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• hopeful that once this plan is laid out


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• and it is approved, Based on the


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• execution, we would be gliding


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• for a better future for the company and


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• its stakeholders. Thank you.


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• Thank you so much.


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• We are happy to answer the queries of our


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• shareholders. Now I would request the


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• Chairman to proceed further with the


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• meeting. The


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• members who have not yet cast votes are


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• once again requested to cast their vote


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• through e-voting platform of CDSL by


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• following the instructions provided in


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• the notice. With this, the business of


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• this meeting of IFCI Limited is


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• concluded. The result of the venue voting


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• aggregated with the result of remote


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• e-voting will be placed on the website of


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• the company, stock exchanges, that is the


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• National Stock Exchange of India Limited


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• and BSE Limited, Central Depository


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• Services India Limited, and will also be


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• displayed on the notice board of the


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• registered office of the company as per


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• the provisions of the Companies Act and


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• SEBI Regulations, ladies and gentlemen, I


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• declare the meeting stand closed. Thank


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• you very much. Thank you.